Western Wear Market Exponential Growth Towards 2023

Western Wear Market Exponential Growth Towards 2023
Western Wear Market by Type (Casual and Formal), Distribution Channel (Online
Platforms, Specialty Stores, Supermarkets, Hypermarkets, and Brand Outlets),
and End User (Men, Women, and Kids) - Global Opportunity Analysis and Industry
Forecast, 2016-2023
Western wear market size was $71,132 million in 2016, and is expected to
reach $99,423 million by 2023, registering a CAGR of 4.8% from 2017 to
2023. Europe dominated the global western wear market in 2016, accounting for
three-sevenths share of the total revenue.
Western wear is a comfortable unique apparel segment derived from American
old west region of the 19th century. Growth of disposable income and expansion
of apparel e-retailing have led to surge in demand for western wear clothing.
Increase in youth population and fashion consciousness among consumers fuels
this market growth. Dynamic fashion trends cause a decline in sale of existing
clothing; thus, in order to cope up, clothing brands are focusing on sponsoring
fashion events and celebrity wardrobes to set specific fashion trends.
Manufacturers collaborate with packaging companies to offer innovative
packaging for clothing such as biodegradable barrier tray, which is expected to
drive the market growth in the near future.
The formal wear segment is expected to dominate the western wear market
during the forecast period. However, casual wear is expected to gain significant
attention by consumers belonging to different cultures.
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Luxury brand awareness and social media trends are anticipated to drive the
growth of western wear market over the forecast period. E-retail is one of the
major factors that propels growth of western wear market, as this channel makes
products available to consumers across various regions. Correspondingly, social
media platform provides emerging new fashion trends, thus increasing
promotion and product awareness.
Key findings of the Western Wear Market:
In terms of value, the formal wear segment is expected to grow at a CAGR
of 4.40% during the forecast period.
Asia-Pacific is expected to dominate, registering highest CAGR of 6.2%, in
terms of value. Europe is projected to maintain its position throughout
2023, growing at a CAGR of 3.8%, in terms of value.
The online platforms segment is estimated to account for more than onefourth share of the total market in 2016.
China and Japan collectively accounted for approximately half of the
total Asia-Pacific western wear market in 2016.
In the global western wear market, India is expected to grow at a CAGR of
12.2%, in terms of value.
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In 2016, Europe accounted for approximately one-third share of the total
western wear market, and is expected to maintain its position during the forecast
period. Developing lifestyle and rise in disposable income of consumers are
expected to drive the Asia-Pacific market.
Some of the major players operating in the western wear industry are Benetton
Group S.r.l., Diesel S.p.A., The Gap Inc., Aditya Birla Fashion and Retail Ltd.
Bestseller, Forever21, Inc., Marks and Spencer plc., Hennes & Mauritz AB,
MANGO, and Inditex SA.
Other western apparel brands such as Gianni Versace S.p.A., Chanel S.A. LVMH
Mot Hennessy Louis Vuitton SE, and Herms International S.A. are gaining
popularity among the youth population, propelling growth of western wear
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